Hydro-Quebec’s 2014 profit surges 15% to $3.38 billion due to cold weather

MONTREAL — Cold winter weather helped Hydro-Quebec’s profits surge by 15 per cent to $3.38 billion in 2014, the utility said Thursday.

Overall electricity sales grew 4.55 per cent to $13.1 billion while exports increased 30 per cent to $814 million.

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READ MORE: Hydro-Quebec’s CEO Thierry Vandal to step down

The stronger results prompted a 15 per cent boost in the dividend paid to the Quebec government to $2.53 billion.

In addition to impact of colder temperatures and higher exports, the utility benefited from a rate hike.

Hydro-Quebec’s spending — mainly on development projects — decreased $400 million to $3.9 billion last year from $4.3 billion in 2013.